Demaurio Clark: Wells Fargo Broker Barred Over Conversion Allegations

Demaurio Clark (CRD# 6945280), formerly a representative of Wells Fargo Clearing Services in Acworth, Georgia, was recently sanctioned by the Financial Industry Regulatory Authority (FINRA) over allegations he converted an elderly customer’s funds and used them for his personal expenses.

According to a Letter of Acceptance, Waiver and Consent (No. 2019064268201) dated March 2020, Demaurio Clark was associated with Wells Fargo Clearing Services as an Investment Company and Variable Contracts Products Representative from March 2019 until October 2019, when the firm reported it had terminated him over allegations he misappropriated a customer’s funds and falsified records concerning that customer while he was working at the firm’s banking affiliate in 2018. The findings go on to describe that individual as “an elderly customer” who in July 2018 went to the tank to deposit almost $40,000. Clark assisted him, according to the AWC Letter, and helped him open a self-directed brokerage account with the firm, into which the individual made a $10,000 deposit. According to FINRA, Clark then “opened an individual brokerage account in [the customer’s] name at a different broker-dealer unaffiliated with Wells Fargo and funded it with money from [the customer’s] savings account.” He allegedly also opened a “second ‘joint’ brokerage account” at that broker-dealer, this one in his and the customer’s name, without the customer’s knowledge or consent. FINRA alleges that he used those two accounts “to transfer a total of $16,560” from the customers’ accounts into his personal checking account between July 2018 and July 2019. FINRA states that he was aware the funds were not his, and that the transfers were made without the customer’s knowledge or consent. As a result of the foregoing alleged conduct, which FINRA states violated FINRA Rules 2150(a) and 2010, he was barred from associating with any FINRA member in any capacity.

Demaurio Clark is currently not registered as a broker. His previous registrations include Wells Fargo Clearing Services in Acworth, Georgia. He has passed three securities industry qualifying examinations and his BrokerCheck report lists zero state securities licenses. (Information current as of May 27, 2020.)